California Billionaire Wealth Tax Would Cost the State $25 Billion, New Research Finds [Yahoo! Finance]
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billionaires, which proponents say will generate $100 billion in revenue. It turns out the tax would probably cost the Golden State nearly $25 billion. That's the result from a new study out of Stanford University's Hoover Institution, which was published earlier this week. In this study, researchers analyzed the reported and unreported departure of billionaires from the state, as well as flaws in the tax proponents' modeling, to find that the law would reduce revenue to the state's coffers. "Over 100,000 simulations with varying discount rates, wealth tax revenues, and lost income tax revenues associated with departures, we find that 71% of scenarios in which the Act is instituted yields a negative [net present value], signaling the Act would generate a net cost to the state of California," the researchers wrote in a Thursday Substack post. The "average across these draws," they say, "is –$24.7 billion." These results are not too surprising, considering the specifics of the bal
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